For the purpose of forming the corporation the chief engineer or other chief officer or person in charge of the employees of such board shall notify each employee of the board holding any position of permanent or seasonal employment, not including laborers, unless such labor work is paid on a weekly, monthly or annual salary basis for a continuous employment thereof, and recognized as permanent appointees of the board, it being the intent to exclude transient labor employment from the operation of this chapter, to attend a meeting to be held not less than five days after the giving of the notice, to consider the formation of a corporation in accordance with this chapter. The notice shall be in writing and shall specify the time and place of the meeting of the employees. If two-thirds of the employees present at the meeting vote in favor of forming the corporation they shall adopt a resolution to that effect and shall choose a name therefor. They shall organize by electing three persons selected from the employees of such board, who, together with the executive head of the board or department having charge or control of the streets and public improvements in the city and the chief engineer, or person in charge of the employees, the latter two being ex-officio members, shall constitute a board of trustees. The first trustees so created shall prepare and sign a certificate reciting the adoption of the resolution by the employees as so directed, the name adopted, the appointment of trustees, the organization and the names of officers and execution of the certificate, for the purpose of forming a corporation under this chapter for the purposes herein stated. The certificate shall be recorded in the office of the clerk of the county wherein the corporation is organized, and filed in the office of the commissioner of banking and insurance, at Trenton. Thereupon the trustees, their associates and successors, shall be a corporation with all the powers incident thereto.